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EU’s new Russia sanctions may target foreign legal entities using SPFS — Bloomberg

As the agency notes, for now these measures are only proposals and must be approved by all EU countries

NEW YORK, January 29. /TASS/. The EU’s 16th package of anti-Russian sanctions may target foreign legal entities that use Moscow’s SWIFT-equivalent system for Transfer of Financial Messages (SPFS), Bloomberg reported citing sources.

According to them, sanctions may be imposed against "three Russian-controlled banks abroad as well as entities outside the country that use SPFS."

As the agency notes, for now these measures are only proposals and must be approved by all EU countries.

As expected, on Wednesday, the European Commission will officially present the draft 16th package of anti-Russian sanctions to the authorities of EU countries. The timing of its adoption is not specified, but Brussels expects to approve these restrictions as early as February. In June 2024, the European Union introduced the 14th package of sanctions, which, in particular, prohibited European companies from using the Bank of the Russia’s system for transfer of financial messages. Bloomberg does not specify whether the 16th package of sanctions includes European companies for using this system.